Vietnam, South Korea Sign Gas Contract

Vietnam, South Korea Sign Gas Contract

Vietnam signed a contract to sell natural gas from the Rong Doi and Rong Doi Tay's Block 11-2 to South Korea in Hanoi on April 19.

Signatories were general director of the Vietnam Oil and Gas Corporation (PetroVietnam) Tran Ngoc Canh and general director of the Korean National Oil Corporation (KNOC) Yi Ok-Su.

Vietnam Prime Minister Phan Van Khai and his South Korean counterpart Lee Hae-chan witnessed the signing ceremony.

A temporary program to draw gas from the Rong Doi (Twin Dragon) and Rong Doi Tay (Twin Dragon West) fields began in December 2004. The two gas fields are estimated to hold reserves of about 24.24 billion cubic meters of gas and 3.63 million cubic meters of condensate.

KNOC plans to invest about US$300 million in developing the fields, including the building of floating storage, an underground pipeline system and wells for pumping natural gas.

Vietnam & World Economy